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An Ohio developer and the town of Fishers have agreed to cancel a 2007 development agreement that called for a $100-million
mixed-use project featuring 250,000 square feet of retail space and 150,000 square feet of office.

In a statement, the city and developer, Fairmount Properties, blamed the project's failure on the economy, tight credit markets
and worries about the ability to
acquire needed properties "without the town's assistance with eminent domain."

The project along 116th Street near Interstate 69 would have required the demolition of about 125 homes. It was originally
slated to break ground last spring.

The town of Fishers plans to hold public meetings to discuss what to do next.